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In the Kitchen with American Woodmark Corporation

American Woodmark Corporation operates in the Furnishings & Fixtures industry in the Consumer Goods sector. The Company manufactures and distributes kitchen cabinets and vanities for the remodeling and new home construction markets. Currently, American Woodmark operates nine manufacturing facilities and seven service centers across the nation.

The Company has its corporate headquarters in Winchester, Virginia. Incorporated in 1980, American Woodmark became a public company by way of a common stock offering in 1986.

American Woodmark’s products sell on a national basis directly to home centers, major builders, and also via a network of independent distributors. The Company offers more than 500 cabinet styles under the American Woodmark®, Shenandoah Cabinetry®, Timberlake® Cabinetry, and Waypoint® Living Spaces brands.

The American Woodmark™ brand is available exclusively at the Home Depot. The cabinetry line is complemented with furniture-like features to meet a variety of home decorating styles and trends. The Company’s Shenandoah Cabinetry® brand is available exclusively at Lowe’s. This brand is offered in greater than 150 different style and finish combinations.

Timberlake® cabinets sell directly to major homebuilders by way of a network of builder service centers and distributors. The Timberlake® brand has 200 cabinet styles and a complete set of coordinating moldings and accessories. American Woodmark manufactures Portfolio Select® and Portfolio® – two premier lines. It also manufactures the Value Built series, which is a line that offers well-crafted, affordable cabinetry.

The Waypoint Living Spaces® brand delivers premier cabinetry. This brand offers a broad assortment of door styles, finishes, decorative accents, as well as organizational accessories.

American Woodmark’s remodeling sales comprised 51 percent of sales during fiscal 2016. The remaining 49 percent sold to the new home market. For fiscal year 2016 (ended April 30, 2016) the Company attained net sales of $947 million. This is the highest level in the history of the Company. Its new construction business under its Timberlake® brand increased more than 20 percent.

American Woodmark’s dealer business, which is served by its Waypoint® brand, continued to grow forcefully via market share gain in 2016. It grew more than 30 percent from fiscal year 2015. The Company’s dealer business accounts for almost 10 percent of its business.

This past November, American Woodmark announced results for its Q2 ended October 31, 2016. Net sales for Q2 grew 3 percent to $264.1 million, versus the same quarter of the year prior. Net sales for the first six months of the current fiscal year grew 7 percent to $522.2 million from the comparable period of the year prior. American Woodmark experienced growth in the new construction and dealer channels during Q2 of fiscal year 2017.

Net income was $17.6 million ($1.07 per diluted share) for Q2 of the current fiscal year versus $18.2 million ($1.10 per diluted share) in the same quarter of the year prior. Net income for the first six months of the current fiscal year was $39.3 million ($2.39 per diluted share) versus $33.3 million ($2.03 per diluted share) for the same period of the year prior.